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Bank of America Names New CFO, Reshuffles Senior Leadership Team

Bank of America has named Alastair Borthwick chief financial officer, effective in the fourth quarter, as one of myriad changes to its global leadership team. The firm’s Friday (Sept. 10) announcement also included five new members on the senior management team.

Borthwick, who joined the company in 2005, most recently served as president of Global Commercial Banking. He will also continue as a vice chair of Bank of America’s Global Diversity and Inclusion Council, according to the announcement.

When all the changes are finalized, Bank of America’s senior management team will include members with an average of 21 years with the company and 31 years in the financial services industry.

“These changes position the company with highly energized leaders who are committed to driving Responsible Growth through its second decade — delivering for our clients, communities and shareholders, and addressing major societal issues,” Bank of America Chairman and Chief Executive Officer Brian Moynihan said in the announcement.

“As I shared with our Board of Directors, it will continue to be my privilege to serve with them as CEO as we drive Responsible Growth through its second decade,” he said.

Here’s a closer look at some of the changes in the BofA management team:

Purna Saggurti will become a vice chair of Global Corporate and Investment Banking (GCIB) and will continue to work on BofA’s Global Advisory Council.

Bernie Mensah, president of International and CEO of Merrill Lynch International will lead the business across 35 countries in the United Kingdom, the European Union, Central and Eastern Europe, Middle East, Africa, Asia Pacific and Latin America.

Holly O’Neill has been appointed president of Retail Banking, joining the management team.

Wendy Stewart has been appointed president of Global Commercial Banking, joining the management team.

Sanaz Zaimi, head of Fixed Income, Currencies and Commodities (FICC) Sales, CEO of BofA Securities Europe SA (BofASE) and country executive for France will leave the firm at the end of the year.

Cathy Bessant will become vice chair, Global Strategy working with Bank of America’s European boards and focused on global integrated strategy, governance and client and regulator engagement.

Aditya Bhasin has been named chief technology and information officer and will be responsible for designing and delivering technology solutions for all lines of business, staff support areas, and the broader enterprise and will also oversee Global Information Security, Technology Infrastructure, Independent Technical Assessment and Global Business Services.

Tom Scrivener has been named chief operations executive and will be responsible for delivering integrated operations solutions for all lines of business, staff support areas, and the broader enterprise including operations teams in our global regions. He will also continue to oversee BofA’s Paycheck Protection Program (PPP) Forgiveness effort.

Paul Donofrio will become vice chair and will oversee Sustainable Finance and chair Bank of America’s Sustainable Markets Committee.

Global general counsel David Leitch is planning to retire in 2022 and will be replaced by Lauren Mogensen, who has most recently been head of Global Compliance and Operational Risk.

Andrea Smith will retire as chief administrative officer at the end of this year and will be replaced by D. Steve Boland. He will also continue as a vice chair of the Global Diversity and Inclusion Council.

Related: Bank Of America: Almost 48M Checks Deposited Digitally In Q2

In August, Bank of America announced that digital deposits account for 85 percent of its transactions, through almost 48 million checks deposited in the second quarter.

More than 70 percent of BofA’s customers were actively using digital tools for at least one of their needs since July.

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